Health care company Allergan has acquired SkinMedica, a developer of aesthetic medicine products for $350m, plus a bonus of up to $25m if the company meets future sales goals.
Earlier this year, SkinMedica acquired aesthetic make-up company Colorscience for an undisclosed amount. SkinMedica is backed by, EuclidSR Partners, a corporate venturing fund linked to pharmaceutical conglomerate GlaxoSmithKline (GSK) through GSK’s corporate venturing unit, SR One as well as private equity firm Apax Partners and Domain Associates, HealthCare Ventures, Montagu Newhall Associates, Montreux Equity Partners, Perseus-Soros BioPharmaceutical Fund, Split Rock Partners, St. Paul Venture Capital, and Versant Ventures.
Allergan said it will run SkinMedica as a separate, global business.